MARKET REPORT

MARKETS were knocked yesterday as traders were caught off-guard by the US decision to cancel its summit with North Korea.

Donald Trump has said he will not meet North Korean leader Kim Jong Un, saying rising tensions had ruined “a great opportunity for lasting peace”. The geopolitical upheaval sent US and European stocks downwards, with the FTSE 100 closing the day 0.92% or 71.7 points lower at 7716.74.

In UK stocks,

suffered double humiliation after more than a fifth of investors voted against pay for top bosses, while TV star Noel Edmonds publicly berated the board.

At its annual meeting yesterday, over 20% of the bank’s shareholders cast ballots against the directors’ remuneration report, which included a £6.42m pay packet for boss Antonio Horta-Osorio. Shares closed the session 0.63p lower at 66p.

shares were lifted when its new boss outlined plans for $100m(£75m) of cost savings and a boost to profits as part of an overhaul after taking up the reins last month. Nick Hampton, who took over as chief executive from Javed Ahmed in April, outlined a three-pronged strategy to “accelerate business performance and inject more pace into the organisation”. Shares rose 7.32% or 44.6p to 653.6p.

BT’s shares took a hit after it emerged boss Gavin Patterson is celebrating a £1m hike in annual pay, weeks after swinging the axe on 13,000 jobs. Mr Patterson took home a total of £2.3m last year after trousering a £1.3m annual bonus, according to the telecom giant’s annual report. Shares fell 3.15p during trading to 203.15p.

The biggest risers on the FTSE 100 were up 176p to 5,350p, up 225p to 8,855p, up 21p to 1,347p and up 37.5p to 2,745.5p.

The biggest fallers on the FTSE 100 were down 64p to 615.6p, down 9.2p to 245.2p, down 28.6p to 985.4p and

down 31.5p to 1,326.5p.